The super industry looked very different back in 2001, when company funds dominated the landscape and the right to choose your own super fund did not exist. You can apply for an IOOF Investment Management Super account by clicking on its products in Canstar’s superannuation comparison tables and signing up on its website, or calling 1800 062 963. "This is the most aggressive action I can recall APRA taking,” said Mr Dunnin.“It’s one of those things. A federal court judge has thrown out Apra’s attempt to ban him and other executives from the super industry. Resources and information for existing members of IOOF's super products.
IOOF Portfolio Service Superannuation Fund has 301,878 members, which ranks it at number 19 largest of 150 funds. Almost half the members of IOOF’s Super Choice Fund would be better off on the new fee regime but were considered a low “arbitrage risk” to migrate by themselves, IOOF distribution manager Mark Oliver told the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Contributions made to your super accumulate during your working life and are invested in a range of investment assets, such as cash, fixed interest, shares, property and alternative investments. If you don’t take care of it during your working life, you may find that you don’t have enough money when you reach retirement.And if you’re thinking of relying on the Government to support you, you may want to think again.
The best retail fund, IOOF (which is no longer bank-owned) Employer Super Core, had a return of 9.59% growth, nearly a full percentage point below the tenth-placed industry fund… ACA Lawyers are already pursuing a class action over the group's 2015 share price rout.Jessica Irvine is a senior economics writer with The Sydney Morning Herald.IOOF boss Chris Kelaher will vigorously defend the allegations. We hate the police, but when they do their job, we think gee, I’m glad they’re there.”Along with the court action on Friday, APRA also hit IOOF, which has 500,000 customers, with show cause notices that insisted the wealth manager restructure its business - a move that is likely to cause fundamental change in parts of the superannuation industry.Unlike other super funds owned by the big banks which have independent boards, IOOF's superannuation arm is run by a board made up of IOOF company executives and directors including Mr Kelaher.APRA alleges this structure has created conflicts inside IOOF and has led to IOOF's executives being accused of working in the best interests of IOOF shareholders and not in the interests of superannuation members to whom they also have a duty.IOOF said it plans to vigorously defend the APRA action and that it was disappointed APRA issued the show cause notices, claiming it had been cooperating with the regulator.APRA deputy chair Helen Rowell said the regulator had tried to resolve its concerns with IOOF over several years, and took the action after concluding the company was not making adequate progress, or likely to do so in an acceptable period of time.Along with Mr Kelaher and Mr Venardos, APRA has accused IOOF chief financial officer David Coulter, chief legal counsel Gary Riordan and company secretary Paul Vine of failing to act in the best interest of shareholders.If APRA is successful in its action, the IOOF executives will be banned from acting as superannuation trustees. -unbelievable and worrying.
Make better financial decisions and achieve your goalsReach your financial goals with the right investment solutionsLive the life you want in retirement by getting your super savings on trackEnjoy the retirement you deserve by being financially preparedProtect the future of your family and those you care aboutYou work hard to earn the money that ends up in your super account.
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